UAE group levies Dh2 fee for currency change

Persons seeking to convert their money to another currency will now have to pay Dh2 under a new fee system introduced by a group of key exchange firms in the UAE.

The Foreign Exchange and Remittance Group (Ferg) said it had decided to levy the fee to cover what it described rising expenses by its firms, including office rents,  money transfer and protection, technical supplies and other costs.

The company said it had sent letters to its 52 members asking them to join the agreement but stressed that it is not compulsory.

“The UAE has the cheapest currency conversion fees in the world. We decided to impose this fee to cover operational costs,” FERG chairman Osama Al Rahma said.

He said the group had not contacted the Central Bank regarding the fee, adding that it was a mere “guideline agreement among the firms” to face challenges.

He said some exchange companies have already started levying fees for currency conversion.

“This fee is enforced in all other countries,” he added.

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